The Philippines' Growth Conundrum: A Tale of Unmet Expectations The Philippines' rise to upper middle income status was touted as a significant milestone in its economic development.
However, behind the celebration and optimism lies a more nuanced reality – one that suggests growth has not kept pace with expectations. High living costs are a major contributor to this underperformance.
In recent years, the cost of living in major cities like Manila has skyrocketed, making it increasingly difficult for Filipinos to make ends meet.